Agios Nikolaos in Crete to receive 408 million euro makeover 2

Agios Nikolaos in Crete is set to receive a major overhaul after an inter-ministerial committee in Greece that oversees “strategic investments” has approved a foreign direct investment worth 408 million euros, Greek media reports claim.

The project dubbed “Elounda Hills” by the Mirum Hellas consortium, is said to have been evaluated and recommended by the Enterprise Greek agency.

Plans include the creation and operation of a high-end resort in the town of Agios Nikolaos and will feature hotel complexes, a conference centre, marina, spa, sports facilities, restaurants, shops and holiday homes.

The total cost of the investment is reported to be 408,49 million euros, of which 50.4 million concerns the land purchase that has already been paid. The remaining 358,09 million euros is for the resort’s construction and infrastructure costs.

According to the Greek Economy Ministry, the investment project is expected to bring a series of direct and indirect positive economic and social impacts, both at national and local level. The Ministry says increased employment is expected to be created during the construction phase and at least 763 new eight-month job positions are expected to be established during its operational phase.

GCT Team

This article was researched and written by a GCT team member.